TIT Telecom Italia SpA

1033 GMT - Telecom Italia is among the most mentioned companies across news items over the past 12 hours, according to Factiva data. The Italian Finance Ministry said it has reached a preliminary agreement with KKR to join the private-equity group in its bid to buy Telecom Italia's fixed-network business. Under the memorandum of understanding signed by the two parties, the ministry will get a stake of up to 20% in TIM's network business--also known as Netco--and will also have a role in the unit's strategic decisions, the ministry said. The news suggests the sale of TIM's network assets has strong political support, Equita analyst Alberto Gegra said in a research note. Other institutional parties could have a minority stake in the business as well, the analyst said. Fund manager Fondi Italiani per le Infrastrutture could hold a stake between 10% and 15%, state lender Cassa Depositi e Prestiti could have no more than a 3% and TIM could retain a stake ranging from 5% to 10%, though this would reduce the effect of the sale on its debt-reduction efforts, Gegra said. Dow Jones & Co. owns Factiva. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

August 11, 2023 06:48 ET (10:48 GMT)

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